Insurance for Small Construction Works
Published on Nov 22, 2015
No Description
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PRESENTATION OUTLINE
Small But Big
FREE ISSUE, PSP, 3RD PARTY, LIABILITY, TIMELY COMPLETION
Construction All Risks
COVER, NOT COVERED, SUBJECT TO CONDITION
Low Likelihood x High Impact
Accidental, Sudden, Unforeseen Physical Loss
SHARE
AVOID, reduce, ACCEPT
transfer, share, claim
RISK & INSURANCE MANAGEMENT
1. transfer
(A) REQUIREMENT (B) RESPONSIBILITY (C) PAY
(A) POLICY
INSURED : SUM INSURED : TYPE : PERIOD : LIMIT
(B) WHO CREATE
... RESPONSIBLE FOR AND MANAGE RISK
(C) COST
PAY INSURER FOR KEEPING INSURED RISK
2. SHARE
(A) TERMS (B) MARKET (C) DISCLOSE RISK
(A) TERM & CONDITION
EXCLUSION, EXTENSION, DEDUCTIBLE, LIMIT, WARRANTY
(B) INSURANCE MARKET
INSURER, REINSURER, BROKER =WIN-WIN
(C) DECLARE RISK
LOCATION, WORK, PERIOD, COST, MATERIAL, SURROUNDING
3. MAKE CLAIM
(A) PROCESS (B) liability (C) money
(a) process
NOTIFY ASAP, evidence, photo, witness, document
(B) WHO SUFFER?
owner, 3rd party, contractor?
(C) claim money
DEDUCTIBLE, limit, adjustment, exclusion, condition
insurance program is better
individual policy may be acceptable
coverage
free issue, psp, hdd, 3rd party liability
tnb interest
SUBROGATION, multiple insured, cross liability
extention
maintenance period, auto reinstatement, auto extension
Q1: EWRM DEPARTMENT
WE MANAGE TNB INSURANCE NEEDS
Q2: CAR OR CGL?
WHICH ONE?
Q3: SLOW CLAIM?
HOW TO GET CLAIM MONEY FAST?
Q4: FAST & GOOD COVER
WHY CONTRACTOR CANNOT GET COVER FROM AGENT?
Q5: SOMEBODY STOLE TNB CABLE FROM ME
WHAT I SHOULD DO?
Q6: I DAMAGE EXISTING PROPERTY
WHAT I SHOULD DO?
Q7: SOMEBODY DAMAGE MY WORK
WHAT I SHOULD DO?
Q8: UNDERGROUND WORK
WHAT INSURER EXPECT ME TO DO BEFORE DOING HHD?
Q9: PREMIUM AMOUNT
HOW TO ESTIMATE?
